$110M Deal Reached In Suit Over $8.7B GCI Liberty Merger

Law360 (June 18, 2021, 9:03 PM EDT) -- Former GCI Liberty Inc. directors have agreed to a $110 million settlement in Delaware to end stockholder class litigation over alleged maneuvers by its controllers and fiduciary duty breaches in GCI's stock-for-stock acquisition, valued at $8.7 billion, by Liberty Broadband Corp. last year.

The Chancery Court settlement posted Thursday would compensate shareholders in connection with what were claimed to be self-interested deal terms that were aimed in part at expanding the hold on the post-merger business of GCI Liberty controlling stockholder John C. Malone and CEO Gregory B. Maffei, among other allegedly concealed benefits.

The settlement, which is still subject to court approval and...

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